Vodafone has agreed to sell its Indian mast and towers business in a deal worth $1.2bn (£900m), it was announced this morning.
American Tower will buy joint venture ATC Telecom Infrastructure.
Vodafone will net $592m from the deal with Indian partner Idea Cellular receiving $615m.
The infrastructure sale will help Vodafone to draw a line under its troubled investment in India. It merged its loss-making Indian mobile business with Idea, India’s third-largest wireless operator, at the start of the year.
Last year Vodafone made a painful $5bn addition to its original $20bn investment in India. The Idea merger followed a failed attempt to list Vodafone’s Indian firm.
ATC Telecom is a network of 20,000 towers across India.
The deal is subject to regulatory sign-off and is expected to complete in the first half of 2018.
Morgan Stanley advised Vodafone with legal support provided by S&R Associates and Slaughter and May.